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Solana Price (SOL) Targets Upside Breakout: Will It Reach New Monthly Highs?

Source Newsbtc

Solana started a steady increase above the $155 zone. SOL price is signaling a decent increase above the $162 and $165 resistance levels.

SOL price started a decent upward move above the $155 resistance against the US Dollar.
The price is now trading above $158 and the 100-hourly simple moving average.
There is a key bullish trend line forming with support at $159 on the hourly chart of the SOL/USD pair (data source from Kraken).
The pair could aim for more upsides if it clears the $162.50 resistance level.

Solana Price Remains In Uptrend

Solana price remained in a positive zone above $145 and extended its increase above $150. SOL is forming a base and eyeing more upsides, whereas Bitcoin and Ethereum are correcting gains.

There was a move above the $158 level. The price surpassed the 50% Fib retracement level of the recent decline from the $164.90 swing high to the $154.85 low. There is also a key bullish trend line forming with support at $159 on the hourly chart of the SOL/USD pair.

Solana is now trading above the $158 level and the 100-hourly simple moving average. On the upside, the price might face resistance near the $162.50 level. It is close to the 76.4% Fib retracement level of the recent decline from the $164.90 swing high to the $154.85 low.

The next major resistance is near the $165 level. A successful close above the $165 resistance could set the pace for another steady increase. The next key resistance is near $172. Any more gains might send the price toward the $180 level.

Are Dips Supported in SOL?

If SOL fails to rise above the $162.50 resistance, it could start a downside correction. Initial support on the downside is near the $160 level. The first major support is near the $158 level and the trend line.

A break below the $158 level might send the price toward $155. If there is a close below the $155 support, the price could decline toward the $150 support in the near term.

Technical Indicators

Hourly MACD – The MACD for SOL/USD is gaining pace in the bullish zone.

Hourly Hours RSI (Relative Strength Index) – The RSI for SOL/USD is above the 50 level.

Major Support Levels – $158 and $155.

Major Resistance Levels – $162.50 and $165.

Disclaimer: For information purposes only. Past performance is not indicative of future results.

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